Let's break our boundaries with Bitcoin

[Casdinyard]

I've noticed that the concern about the Coronavirus is still continuously growing. More and more cases are being recorded day by day and I find it too alarming that we don't do something about it. Or just to contribute some ways on how we could reduce the cases by means that we know.

We need not necessarily clean every road we see, things we handle, or sanitize everything that we have. But to consider money as a means of transaction is quite dangerous day by day.

According to this article created by CNN, South Kore's central bank is currently quarantining all their banknotes from circulation as it became a big factor to the spread of the virus.

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This is when we need to take our edge on being one of the early adopters of Bitcoin to attract people to use bitcoin or other cryptocurrencies instead of cash.

There are some advantages that we could tell them regarding bitcoin being alternative to cash:

• Cashless Transaction - The spread of the virus is quite fast, so transacting without personal interaction is advisable
• Fast Transaction - Instead of staying in a place to pay a particular service such as bills or fees, bitcoin will save their time and can prevent them to interact to someone that is infected.
• Alternative - We could tell them that for the meantime, it is dangerous to use cash so bitcoin will just serve as an alternative will not really replace their currency.
• Potential Bitcoin increase - to further attract people to use bitcoin, tell them that at this time, more and more people are seeing the potential of bitcoin which is also classified as a good investment if they became early adopter of it, their money will not just serve as pure funds to transact but as investment as well.
• Bitcoin as new leading currency of the world - In case that the concern about the virus raises too high, we need a unifying currency that could support each and every one of us regardless of our nation and nationality. That is bitcoin.

I know this is quite bias to consider only bitcoin as the crypto to be used, but the idea here is to introduce them and literally reduce their risk to acquire the virus. In addition, bitcoin will supply the basic knowledge of cryptocurrency to them as they enter the cryptospace, to learn and to innovate their way of transaction.

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[Debonaire217]

Perhaps, with the characteristics of bitcoin, it couldn't supply the best service for the people. IMO, we need to improve bitcoin further in a sense that it could be use to transact even faster than usual cryptocurrencies. Because for me, the volume of users of bitcoin is is too low, compared to the total volume of the people transacting in a country. If they will adopt to using bitcoin as their means of transacting, there is a possibility for the network to be over congested and as a result, transaction fees might be higher.

This are just my thought based on my experience. But I do believe in the potential of bitcoin to provide the necessary service for the people in times like this.

[Yogee]

I like the initiative but using bitcoin during crisis like this is not the only alternative. Each country have their own digital fiat payment system which means citizens can still make financial transactions without being physically present and without using bitcoin. I doubt that they will prefer to pay with Btc which could take longer time to confirm over that.

 

[Asuspawer09]

South Korea is just doing what is necessary to prevent the COVID-19 virus to continue spreading if the virus could really spread in this paper money cryptocurrency could easily be an alternative for most of the country since it is already used in a lot of the places and already use as an alternative payment method or options. Also this could be very alarming if it is possible since all over the globe the main currency is a paper money looks like we needed to go "make everything a crypto".




Also i see similar topics here:
https://bitcointalk.org/index.php?topic=5231105.msg53982388#msg53982388

South Korea is one of the countries with a high number of cases of Coronavirus or COVID-19 with 6,248 infected cases. Due to the rapidly increasing of people being affected by the virus, travel ban to South Korea has been imposing by almost a hundred countries around the world.

As for precaution by the local government of South Korea, its central bank Bank of Korea (BOK) had been quarantining its banknote for two weeks and even burned some of it to lessen the possibility of more outbreaks.

"For all cash coming to the central bank from local banks, the Bank of Korea will keep it in a safe for two weeks, given that the virus usually dies out after nine days," a BOK official told Reuters.

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https://www.gmanetwork.com/news/news/world/728638/s-korea-s-central-bank-burns-quarantines-cash-in-coronavirus-precaution/story/

BOK said that they are putting their currency in a high-heat laundering process before releasing it and adding it to the circulation. It is said that the virus dies in high temperature and similar viruses like SARS emerges during cold weather and then dies during the hot season.

South Korean COVID-19 cases are increasing so I think it's a good thing to do to lessen the possibility of spreading the virus. Although by this, the virus won't be totally stopped from spreading but this is a big help especially for countries highly affected by the virus.

Paper money is one of the things we are always holding and it is also one of the things that has a lot of bacteria because money is being passed from one person to another. So when we hold money, always make sure to wash and clean your hands before touching your face to keep ourselves protected.

[Rodeo02]

I like the initiative but using bitcoin during crisis like this is not the only alternative. Each country have their own digital fiat payment system which means citizens can still make financial transactions without being physically present and without using bitcoin. I doubt that they will prefer to pay with Btc which could take longer time to confirm over that.

 

I agree with this one, bitcoin will not be the first option to use since there are many e-money that we have now in different country. If paper money cant be use  because of fear that the disease may be spread using paper money. Then e-money will be fast and first option for every country bitcoin and crypto will only be use as alternative.

[Ucy]

Well, Bitcoin does not really eliminate cash. People could in theory have a standard physical things to print their coins on and use as cash.

The most important thing is that using paper currency isn't very safe at this moment.
If people decide to use cash-based Bitcoin/Cryptocoins to transact businesses in the future, it should still be legal. Whether cashless becomes the major way to transact businesses in the future is upto to people, depending on which means is truely safe for users and societies.

[pakhitheboss]

Every fiat currency can be transferred digitally and transaction can be done digitally too. Bitcoin is not an option here. Different countries have different approach towards coronavirus. In my country people are using mobile based fiat wallets more than cash.

[Oasisman]

There are a lot of different options to do transactions without using fiat currency and I'm afraid Bitcoin could be a hard tool to use for cashless transaction specially for those who yet to have knowledge about cryptocurrency.
One of the most tackled concern about Bitcoin is the ability to boost transaction speed, an instant transfer to be specific. This is one of the area that Bitcoin needs to develop so It could be considered as one of the top options to pay online transactions.

Lucky, in my country we have a custodial wallet that offers instant Bitcoin to fiat convertion and the app can be use to pay primary bills and other mainstream services. And, as much as I want to introduce this to the people in my place as an ideal way of transacting online in case of corona virus out break. But, they always have the option to do it over mobile banking.

[danherbias07]

That is true. Dirty money. (literally)

Imagine just how many people have touched the paper before it goes to you.
In a sense, they are doing good.
Saving the environment and also saving people to avoid catching a virus or whatever sickness that is passed in that paper money.

With this, blockchain will be the best option for making transactions or creating something that could be the solution to avoid passing that paper to every human being.

[Assface16678]

There are a lot of different options to do transactions without using fiat currency and I'm afraid Bitcoin could be a hard tool to use for cashless transaction specially for those who yet to have knowledge about cryptocurrency.
One of the most tackled concern about Bitcoin is the ability to boost transaction speed, an instant transfer to be specific. This is one of the area that Bitcoin needs to develop so It could be considered as one of the top options to pay online transactions.

Lucky, in my country we have a custodial wallet that offers instant Bitcoin to fiat convertion and the app can be use to pay primary bills and other mainstream services. And, as much as I want to introduce this to the people in my place as an ideal way of transacting online in case of corona virus out break. But, they always have the option to do it over mobile banking.

One of the biggest news happening right now in the world is the news about the virus, this is airborne so it just a single person may affect and he/she will talk to many people in just single place it will because of infection also this virus is spreading all over the world and most of the virus today is in the cold place but there is a case in South Korea and the Philippines and one of the great moves of South Korea is they are going to adopt the use of cryptocurrency right now or the bitcoin because they are trying to avoid the use of fiat currency or the physical money because by that object an infected person can transmit the virus and now they are trying to use the bitcoin to make sure that we are going to control and avoid the spreading of the virus.

[desertfox470]

Your idea is good but, not to be pessimistic or what, this whole concept of promoting Bitcoin usage during this moment of Novel Corona virus outbreak is harder than it seems. Flat currency is indeed one of evident factors why the virus outbreak has been widespread and continuously rising due to  personal contact of people. However, in order to encourage people to use Bitcoin for its feature such as digital currency, fast transaction and potential profit provider for their cashless transactions they must be knowledgeable about it first. At this point, I do not think that the majority would be enticed in indulging themselves with Bitcoin since they are too busy worrying about their safety, health and overall welfare. But nevertheless, nothing is impossible it's just a matter of time and perspective.

[enhu]

Releasing digital currency could be the best option for the affected countries since base on their finding banknotes spread the virus.  Thousands already died according to the news, this will be prevented with digital currencies because by then we will only be using phones. Or better yet BTC. This will be in our favor of course. 

[Harlot]

You should take note that there is a ongoing assumption here that banknotes are the ones speading the virus and it is not true. WHO already clarified that the contact of the infected person to a healthy person is the one causing the infection not the fiat currency itself. Any kind of contact may lead into infection may it be from banknotes or some other stuff you will come in direct contact to a infected person. Without any further clarifications I would expect that these news websites would continue to mislead people that cash can directly carry the COVID-19 which will just cause more panic in the world.

[Darker45]

At this point in time, we should try to avoid close contact with other people. If not necessary, appointments should be cancelled. COVID-19 may not really be that fatal as compared to other diseases but it is very infectious that it spreads very easily and quickly. Part of avoiding the crowd or public is to transact online. If possible, the purchase of goods should be made online as well and through deliveries. Picking up goods at your doorstep highly limits direct contact with others. Bitcoin, of course, is one good payment option but there are always other convenient options as well.

[Jating]

The only problem I see is that bitcoin is not yet adopted globally, at least in my place.

I can't find a single store that readily accepts bitcoin in lieu of fiat so I'm not sure how are we going to break the barrier, unless, overnight many of merchants and retail stores both off-line and on-line suddenly decided to offer bitcoin and other crypto as payment option because they are afraid of the corona virus pandemic.

[Linkkoin]

A plastic card currently copes with all these tasks, although it also needs to be attached to the terminal, but it is better than cash. However, cryptocurrencies are not yet widespread enough to offer any great alternative to cash or plastic cards.

In some countries, there are already cardless payments accepted (mobile apps). In its usage, it is not so far away from the way we could use cryptos with rapid transaction speed. Well, it would be much faster for the merchant to get money, as card payment processors usually freeze the money for 1-7 business days and keep part of the balance of merchant frozen for even months for the potential case of a chargeback.

Here with cryptos, the transfer is final, can be almost instant and does not have card provider fees. If only volatility of cryptos would be lower...

[Mttewndew]

Bitcoin is still very unstable, just to take and start using it everywhere. Sellers will go crazy by changing the price tags on the windows of their stores every few hours.

• Cashless Transaction - The spread of the virus is quite fast, so transacting without personal interaction is advisable
• Fast Transaction - Instead of staying in a place to pay a particular service such as bills or fees, bitcoin will save their time and can prevent them to interact to someone that is infected.
• Alternative - We could tell them that for the meantime, it is dangerous to use cash so bitcoin will just serve as an alternative will not really replace their currency.

These points are completely leveled if you use debit cards to pay for the goods.

[Kelvinid]

A plastic card currently copes with all these tasks, although it also needs to be attached to the terminal, but it is better than cash. However, cryptocurrencies are not yet widespread enough to offer any great alternative to cash or plastic cards.

Then, this could be a time for them to realize and find out that Bitcoin and cryptocurrency serve good for everyone in all possible conditions.
Using crypto is one way to help and continue the normal business we have before that somehow been bothered by this global health issue. I believe that Bitcoin could do something if we are able to adopt the system. Besides, a lot of countries are in support of this and it makes no reason why it can't be useful to the others who once ignored this in the past days.

[XCANA]

The only real solution to money passing from one person to another will be through this powerful technology called Blockchain and not other means. What is happening in our society right now through corona virus and other virus contacted from physical fiats money can be avoided through the use of Blockchain. So, with the global adoption of this Blockchain will draw the attention of potential investors into Bitcoin which is known as the mainstream of the Blockchain technology. In few years to come, Bitcoin will brake boundaries. France authorities have accepted bitcoin with south Korea among others.

[Exolix]

Well, Bitcoin does not really eliminate cash. People could in theory have a standard physical things to print their coins on and use as cash.

The most important thing is that using paper currency isn't very safe at this moment.
If people decide to use cash-based Bitcoin/Cryptocoins to transact businesses in the future, it should still be legal. Whether cashless becomes the major way to transact businesses in the future is upto to people, depending on which means is truely safe for users and societies.

True, in every country there is an alternative to cash. Bitcoin or any other cryptocurrency will not solve the problem of the spread of the virus.
In addition, today there is no technical opportunity to introduce btc into circulation on such a scale. Just imagine how many transactions will occur if all residents of the country decide to use bitcoin.
It is also worth considering that the virus affected the cost of btc and with such indicators, it is difficult to gain trust among new users.

But overall, the idea of giving up paper money is cool!